The Indian rupee's fall to record lows has raised chances that the Reserve Bank of India (RBI) will take more steps to support the currency, as a strategy built on tightening rupee money markets and raising short-term interest rates has had limited effect.

The worst performing Asian currency of the year so far hit a new life low of 61.80 rupees per dollar on Tuesday, breezing past a previous low of 61.21 hit on July 8. Central bank intervention helped the rupee recover, but by Wednesday it was sliding once again, to stand around 61.35 by 0530 GMT.

Below are the possible steps that the RBI or the government could take to support the currency.

RBI ACTIONS

* FX intervention

* Tighten liquidity further by:

- Raising banks' statutory liquidity ratio of 23 percent

- Further reducing how much banks can borrow from the

RBI under the daily repo auction

- Reducing the amount of funds RBI provides to banks under the export refinance scheme at the repo rate